Major Global Banks Invest $20 Million in BioCatch and Join American Express Ventures on New Client Innovation Board
Summary
Pioneer in using online behavior for fraud detection and consumer protection extends funding round NEW YORK, NEW YORK and TEL AVIV, ISRAEL (September 30,2020) – BioCatch, the global leader in behavioral biometrics, today announced that four major global banks–Barclays, Citi, HSBC and National Australia Bank (NAB) – have invested $20 million in the company, extending the company’s recent Series C fundraising round to a total of $168 million raised. BioCatch is unique in focusing on behavior as a predictive tool to prevent online fraud and as a result can draw on a comprehensive data set to keep people safe. "Behavioral biometric technology is a key strategic capability to protect our customers from the risk of fraud,” said Richard Harvey,Group Head of Retail Banking Products at HSBC. As the company’s data set has grown to more than 150 million behavior profiles and tens of billions of transactions, products have expanded to include detecting stolen or synthetic identities being used at the onboarding stage, recognizing account takeovers and flagging increasingly sophisticated social engineering scams, among other industry wide security challenges. Today, customers around the globe leverage BioCatch’s unique insights to more effectively fight fraud, drive digital transformation and accelerate business growth.